Power conversion systems for driving loads, such as motors, typically receive AC input power which is converted to an internal DC bus for subsequent conversion to AC output power for driving a load. The system typically includes a converter circuit which receives the AC input power for producing the internal DC bus, and an inverter circuit which receives the internal DC bus for producing the AC output power. The converter circuit and the inverter circuit each typically include multiple controlled switching devices, such as Insulated Gate Bipolar Transistors (IGBT's), for producing the aforementioned DC bus and AC output power, respectively. Large input filters, such as “LCL” (inductor-capacitor-inductor) filters, are typically used to filter out higher order harmonics resulting from the switching action of the converter circuit. However, under lighter load conditions, this filter can be a significant source of reactive power that can affect system stability. Also, under heavier load conditions, this filter can consume reactive power from the AC input power (the power grid) which can increase system losses. A need therefore exists to provide a power conversion system for driving a load which addresses one or more of the foregoing disadvantages.